Alibaba expects the biggest Singles’ Day sales to date | Finance and Markets

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Chinese e-commerce giant Alibaba said its upcoming Singles’ Day would be the biggest one so far. At the same time, the company wants to continue to make its event bigger, bringing billions of dollars in sales revenue each year.

The event, which takes place on November 11, is Alibaba’s largest sellout on all its platforms and is compared to Black Friday in the United States. More familiar than Singles’ Day, the event is also known as the 11:11 shopping festival because of the date it takes place.

This year marks the tenth anniversary of its launch. The event was created by Alibaba’s current Chief Executive Officer, Daniel Zhang, in 2009, when on the Singles’ Day the sales reached 7.8 million USD. The total amount that was generated in 2017 reached 25.3 billion USD. For comparison, online sales during the US Black Friday reached 5 billion USD last year.

Alibaba does not give a more specific forecast for this year’s sales.

On Friday, Alibaba officially kicked off the Beijing event, where the CEO outlined how the “new retail strategy” will help this year’s biggest event.

For Alibaba, this strategy means touching users’ lives more often by combining their online Tmall and Taobao stores with physical stores, food delivery, and more. In the last few years, Daniel Zhang has regularly talked about this new strategy, and Alibaba acts as planned, focusing on a number of different sectors.

For the first time, Lazada, a Singapore-based online shopping store operating in Southeast Asia, will include sales that will be part of Singles’ Day.

So far, Alibaba has invested 4 billion USD in the company. The Chinese company hopes that Lazada will attract consumers in Indonesia, Malaysia, the Philippines, Thailand, Vietnam and Singapore within the event.